BUSINESS: Research + Stats Rent Is Taking a Greater Percentage of Income, U.S. Census Bureau Data Reveals By Staff Friday, September 20, 2024 1:03 PM Americans are struggling to pay the rent, according to a new report from the U.S. Census Bureau. New data from the U.S. Census Bureau shows that nearly half of all renter households spent more than 30 percent of their income on housing costs in 2023. “The median cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation)," said Molly Ross, a survey statistician with the U.S. Census Bureau. "And new data from the 2023 ACS, 1-year estimates, show that the share of a rented household’s income that goes toward these housing costs differs by householder race.”She noted that according to the U.S. Department of Housing and Urban Development (HUD), households are considered cost-burdened when they spend more than 30 percent of their income on rent, mortgage payments and other housing costs. She noted households spending more than 50 percent of their income are considered severely cost-burdened. These figures are even more dire when examining America’s diverse ethnic groups. Black or African American renters saw this number rise to 56 percent of households spending more than 30 percent of their income on housing. Meanwhile, Asian renters spent more than 43 percent of their household income on rent. The report found this number was even higher among American Indians or Alaska Natives who spent nearly 49 percent of their income on rent, while 51 percent of Native Hawaiian and Pacific Islanders spent 30 percent of their income on rent. Homeowners are not escaping the rising costs associated with housing. Data shows that 18.8 million homeowners were spending more than 30 percent of their income on housing costs. Rising insurance costs continue to be one of the driving forces behind these climbing numbers. New data found that 5.4 million of the 85.7 million homeowners in the U.S. paid more than $4,000 a year on homeowners' insurance in 2023. Florida had the highest rates of homeowners paying more than $4,000 per year, followed by Texas, California and New York.